We conducted a health economic and outcomes study of post-menopausal women in Belgium to quantify the benefits and risks associated with HRT. Using data provided by l’Universite Catholique de Louvain, the analysis was designed to predict the long-term clinical and economic effects related to the conjugated estrogens/medroxyprogesterone HRT (E/M HRT) regimen. Hypothetical cohorts of uterine intact post-menopausal women who were fully compliant with E/M HRT were compared with similar cohorts of post-menopausal women that did not use any form of HRT. Markov cohort simulation analysis guided by a Delphi panel of local clinical and health economic experts was employed to model the short- and long-term implications of compliance with E/M HRT. Eight (8) distinct health states were considered in the analysis: well, osteoporosis, coronary heart disease, cerebrovascular disease, Alzheimer’s Disease, breast cancer, colorectal cancer and death. Results of this analysis suggest that patients using E/M HRT therapy are expected to experience improved health outcomes and an increased life expectancy of more than 5 months per patient when compared those not on HRT. These results are achieved with a modest increase in cost of 8,415 BF, or 18,300 BF per life year gained. GASTROINTESTINAL AND URINARY TRACT DISEASE